Titan Q4 Update: Revenue Rises 25% Lead By Jewellery Business
Titan Co.'s revenue rose 25% year-on-year in the quarter ended March across all its businesses, according to its quarterly update released on the bourses on Monday.
Its mainstay jewellery business grew 25% over the previous year, on the back of a significant increase in gold prices. Elevated gold prices resulted in sluggish consumer demand at lower price points, leading to single-digit buyer growth, while demand at higher price bands was sustained, resulting in a high double-digit growth in ticket sizes.
The company's eyecare division grew 19%, contributed well by revenue and buyers, while the watches and wearables arm grew 22%.
Titan's other businesses, which include fragrances and fashion accessories, grew 26% year-on-year, driven by 12% growth in fashion accessories. Ethnic wear brand Taneira's sales were lower by 4%, according to the company.
'SKINN' piloted its first experiential store in Seawoods, Mumbai. 'IRTH' opened four new stores in Hyderabad, Pune, Noida & Mumbai. While Taneira closed one store in this period.
Titan's popular jewellery brand Caratlane registered 22% year-on-year growth in a quarter of strong gold consumer preference, driven by healthy growth in the studded portfolio. The corresponding buyer growth was in the mid-single digits and like-to-like growth was 11 % for this period.
A total of 17 domestic stores (net) were added by Caratlane during the quarter.
Jewellery
Both plain (gold) jewellery at 27% year-on-year and coins at 65% year-on-year, respectively, led this growth, reflecting high consumer preference for gold (adornment cum store of value).
Studded jewellery registered low double-digit value year-on-year growth for the quarter. The solitaire segment saw a turnaround and registered both buyer and value growths in this period.
Overall like-for-like sales (secondary) were 15% year-on-year.
Tanishq expanded its international network to the new markets of Sharjah in the UAE and Atlanta & Seattle in the USA. Of the 16 new store additions (net) in India, 4 stores were added in Tanishq and 12 stores were added in Mia.
Watches And Wearables
Titan, Fastrack and Sonata propelled analog watch growth to 18% year-on-year.
All the key retail channels of Helios, Titan World and Fastrack grew in healthy double digits, with the Helios channel registering the highest growth (relatively), reflecting consumer penchant for premium product offerings.
Division added 41 new stores in the quarter, comprising 20 stores in Titan World, 10 in Helios, and 11 in Fastrack, respectively.
EyeCare
Titan Eyeplus, with its multibrand approach, registered a healthy double-digit growth driven by international brands.
E-commerce is a new growth driver for the division and is favoured by consumers for affordable fashion purchases like sunglasses.
Titan Eye+ added two new stores in the UAE region, one each in Sharjah and Dubai.
Division closed 11 stores (net) in India during the quarter.
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